BITCOINZ launches BITCOINZ-DEX, a truly Decentralized Exchange and wallet platform !
What is BITCOINZ-DEX exactly?
BITCOINZ-DEX is an innovative application that acts as wallet with integrated DEX functionality using BITCOINZ as one of its basic digital currencies.
In reality the user can enjoy a modern wallet app , owning his keys for every asset and at the same time a true 100% Decentralized Exchange that enables the users to trade directly (P2P) between them.
Utilizing the Komodo’s atomic swap technology, it shares the same liquidity with every other true DEX that is based on the same model! It is among the very few True DEX platforms that give swapping functionality between (potentially) all the unique UTXO blockchains and the eth tokens or other tokenizing ecosystems.
The aforementioned doesn’t happen with the most popular self-proclaimed “DEX” platforms. Because they usually offer swaps only between tokenized coins in a specific ecosystem where all the assets depend on the very same blockchain. Namely “wrapped” coins which take a specific “compatible” form in order to function in a certain ecosystem. Exactly like wBTC or wZCASH do for the ETH ecosystem for example. This common “DEX” approach leads to a centralized model that is very far from the pure cryptocurrency idea with many negative side-effects like fee spikes because everything is over one certain blockchain (for example ETH). Everyone has heard about the crazy ETH gas fees.
On the contrary, the BITCOINZ-DEX platform achieves to make the swaps between ALL these different ecosystems and between unique blockchains like those of BitcoinZ, Digibyte, Litecoin, Bitcoin, Dogecoin etc. Without of course the requirement to “wrap” a coin into a specific blockchain before the transaction!
You can imagine that the BITCOINZ-DEX in practice is functioning like a wormhole/gateway through all the listed blockchains, making possible the connection between all these different blockchains. So with this application the trading between these “parallel universes” is finally achievable!
What are the user’s benefits actually ?
The benefits for a BITCOINZ-DEX user are :
– A double functionality app which is a great wallet with decentralized exchange features.
You can sell a coin for another, so you are a seller/maker. Or you can fulfill an existing selling order because you wish to buy a coin paying with another one that you have in your wallet! In this case you are a buyer/taker. Very simple!
– Increased security because you own your keys and you trade from your wallet.
There are no 3rd parties with 3rd addresses like with the Centralized exchanges. So the associated risks are totally eliminated. Risks like exchanges that got hacked, scam exits, sneaky delistings and loss of funds etc are a past.
– Decreased transactions cost.
With no 3rd parties there are no withdrawal fees anymore because there are no withdrawals! Any traded coins are coming directly in your wallet when the atomic swap is completed. Even the fees are minimal in the BITCOINZ-DEX. Only the taker (buyer) pays a 0.15% on the traded sum.
– Significantly faster trading.
Without any withdrawals, there is no waiting for long confirmations so a completed trade is considerably faster! Don’t forget that a trade should never be considered truly completed if the funds are not in your wallet. So with a true DEX this happens really faster!
– No limitation to specific trading pairs.
The user can trade with swaps between the coins of his choice. The number of the combinations is limited only by the liquidity. Every listed asset can be swapped for another one! In the most centralized exchanges the client has to use almost always bitcoin because the most coins have only a BTC trading pair. This is increasing even more the fees and requires double transactions.
– A smooth, real DEX experience with respect to the user’s privacy.
The BITCOINZ-DEX platform has no long registration procedures with KYC (know your client) which usually remind Financial Institutes practices.